Investing.com – The New York Federal Reserve’s index of manufacturing conditions improved more-than-expected in November, moving into positive territory for the first time in six months, official data showed on Tuesday.
In a report, the Federal Reserve Bank of New York said that its general business conditions index improved by 9.1 points to 0.6 in November from minus 8.5 in October.
Analysts had expected the index to improve to minus 2.0 in November.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
While the new orders index edged down to minus 2.1, indicating that orders were a little lower, the shipments index rose to 9.4, indicating an increase in shipments.
The prices paid index continued to move downward, reaching 18.3, its lowest level in nearly two years; the decline suggested that the pace of input price increases slowed further in November.
Employment indexes were mixed: employment levels were slightly lower and the average workweek slightly longer.
Future indexes surged, indicating a widespread expectation that conditions would improve in the months ahead, with the future general business conditions index rising to its highest level since May.
Following the release of the data the U.S. dollar held on to gains against the euro, with EUR/USD slumping 0.65% to trade at 1.3546.
Meanwhile, stock index futures remained lower following the data. The Dow Jones Industrial Average futures pointed to a loss of 0.4%, S&P 500 futures shed 0.3%, while the Nasdaq 100 futures indicated a decline of 0.35%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index improved by 9.1 points to 0.6 in November from minus 8.5 in October.
Analysts had expected the index to improve to minus 2.0 in November.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
While the new orders index edged down to minus 2.1, indicating that orders were a little lower, the shipments index rose to 9.4, indicating an increase in shipments.
The prices paid index continued to move downward, reaching 18.3, its lowest level in nearly two years; the decline suggested that the pace of input price increases slowed further in November.
Employment indexes were mixed: employment levels were slightly lower and the average workweek slightly longer.
Future indexes surged, indicating a widespread expectation that conditions would improve in the months ahead, with the future general business conditions index rising to its highest level since May.
Following the release of the data the U.S. dollar held on to gains against the euro, with EUR/USD slumping 0.65% to trade at 1.3546.
Meanwhile, stock index futures remained lower following the data. The Dow Jones Industrial Average futures pointed to a loss of 0.4%, S&P 500 futures shed 0.3%, while the Nasdaq 100 futures indicated a decline of 0.35%.